DeFi lending protocol Euler has introduced the completion of a complete safety course of for its upcoming Euler v2 protocol, which concerned a $4 million funding allotted by Euler DAO.
This substantial price range highlights the protocol’s dedication to safety within the DeFi sector, significantly by way of its modular design, which goals to scale back dangers and enhance reliability.
Euler has designed v2 with classes discovered from a $200 million exploit that hit the protocol in March 2023. The protocol mentioned its main purpose is to rebuild belief and set new requirements for safety within the DeFi sector by way of its in depth efforts to boost safety.
Audits
Based on the Aug. 12 publish, Euler v2’s modular structure was designed to isolate dangers and simplify the auditing course of. Key parts such because the Ethereum Vault Connector (EVC), Euler Vault Equipment (EVK), and Euler Value Oracle (EPO) have been created to carry out particular features with precision.
This strategy facilitated each inner and exterior audits, with 29 separate code audits carried out by 12 prime safety corporations to carefully check and safe the platform.
By doing so, Euler goals to make its v2 platform one of the vital safe within the DeFi area, demonstrating its dedication to defending consumer property and making certain the platform’s reliability.
Along with commonplace safety practices, Euler Labs engaged with Certora and different consultants throughout the design section to handle potential vulnerabilities. The protocol additionally utilized bespoke fuzz testing suites and formal verification strategies to make sure code robustness.
International evaluation
A big facet of Euler’s safety technique was its determination to conduct a large-scale code audit competitors managed by Cantina, with $1.25 million in rewards for figuring out post-audit bugs.
The competitors drew over 600 contributors globally, none of whom found any excessive or medium-severity points — a notable end result for such a large-scale evaluation.
Regardless of these in depth measures, Euler Labs continues to emphasise that safety is an ongoing course of. The protocol will even profit from extra initiatives, equivalent to bug bounties and consumer interface penetration checks, to keep up its safety posture past the launch.
